Group of Sears Canada creditors wants to sue

Sears Canada is undergoing a rebranding, following the closure of 59 locations across the country

A group of Sears Canada creditors wants to sue the company’s executive officers and directors, alleging negligent misrepresentation and oppression.

The retailer’s court-appointed monitor says the group wants an Ontario judge’s permission to launch their case against the company, which is currently protected under the Companies’ Creditors Arrangement Act.

RELATED: Sears Canada closing 59 of its stores across Canada

In a report prepared ahead of a Friday court hearing in Toronto, the monitor said it has advised the creditor group that it believes such motions should be delayed.

However, it said the creditor group will ask the court to schedule a time to hear their claim.

RELTED: Sears Canada looks to suspend benefits for retirees

The court overseeing Sears Canada was also expected to hear a motion to approve the creation of a hardship fund for former employees that will come from a pool of money set aside to pay bonuses for key employees.

The monitor said it supports approval of the fund.

The Canadian Press

Like us on Facebook and follow us on Twitter.

Just Posted

Pedestrian killed on Highway 22 Saturday evening

Police say 51-year-old man died after being hit by car

UPDATE: DriveBC says highway re-opened after accident

Highway 22 closed for seven hours on Saturday

Forestry workers set to begin job action in Kootenays

Operations in Castlegar, Cranbrook, Galloway, Elko, Radium, Golden may see job action this week.

Métis Flag flies in Trail on Louis Riel Day

Area students, officials and public attend flag raising at Trail City Hall

Early Trail borrowed a couple of names from the U.S.

Place Names: Connection between Trail and Butte, Montana

Saving salmon: B.C. business man believes hatcheries can help bring back the fish

Tony Allard worked with a central coast First Nation to enhance salmon stocks

High-end B.C. house prices dropping, but no relief at lower levels

But experts say home ownership remains out of reach for many for middle- and lower-income families

Worker killed in collision at B.C. coal mine

Vehicle collision occurred at approximately 10:45 a.m. this morning

B.C. asking for tips on ‘dirty money’ in horse racing, real estate, luxury cars

Action follows a Peter German report on money laundering in B.C. casinos

Canadian dead more than a week after plane crash in Guyana: Global Affairs

Global Affairs said it couldn’t provide further details on the identity of the Canadian citizen

Children between 6 and 9 eligible for $1,200 RESP grant from province

BC Ministry of Education is reminding residents to apply before the deadline

Victoria spent $30,000 to remove John A. Macdonald statue

Contentious decision sparked controversy, apology from mayor

Privacy concerns over credit card use for legal online pot purchases

Worries follow privacy breaches at some Canadian cannabis retailers

NEB approves operating pressure increase to repaired Enbridge pipeline

The pipeline burst outside of Prince George on Oct. 9, now operating at 85 per cent

Most Read